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Car finance ›
IVA car finance
Being in an IVA doesn’t mean that you can’t get approved for car finance. We’re a specialist car finance lender that considers people who are in an IVA.
IVA car finance
Being in an IVA doesn’t mean that you can’t get approved for car finance. We’re a specialist car finance lender that considers people who are in an IVA.
Showing our 4 & 5 star reviews
Showing our 4 & 5 star reviews
What is an IVA?
An IVA (Individual Voluntary Arrangement) is a formal agreement to repay your creditors at a rate you can afford. This can be a one-off payment known as a lump sum IVA, or payments can be spread over a longer period like 5 or 6 years. An IVA lets you write off any unaffordable debt and start to rebuild your credit score.
Being in an IVA shows that you are committed to improving your credit, but you may find it hard to get car finance with an IVA. You may need to use a car finance company that accepts IVAs, like Moneybarn. We’re a lender that has helped thousands of people up and down the UK, including IVA customers, get car finance.
Can I get car finance with an IVA?
You can apply for car finance after an IVA, but it might be trickier to get approved. This is because an IVA will stay on your credit file for 6 years from its start date and will affect your credit score. However, specialist lenders like Moneybarn can help people with IVAs get car finance.
We’re experts in providing car finance to people with bad credit. Our Conditional Sale agreement means you’ll legally own the car at the end of your agreement. Our friendly experts will discuss your options and help you find a suitable monthly payment and agreement length.
Or, find out more about our car finance eligibility checks to see if we can help you.
What is an IVA?
An IVA (Individual Voluntary Arrangement) is a formal agreement to repay your creditors at a rate you can afford. This can be a one-off payment known as a lump sum IVA, or payments can be spread over a longer period like 5 or 6 years. An IVA lets you write off any unaffordable debt and start to rebuild your credit score.
Being in an IVA shows that you are committed to improving your credit, but you may find it hard to get car finance with an IVA. You may need to use a car finance company that accepts IVAs, like Moneybarn. We’re a lender that has helped thousands of people up and down the UK, including IVA customers, get car finance.
Can I get car finance with an IVA?
You can apply for car finance after an IVA, but it might be trickier to get approved. This is because an IVA will stay on your credit file for 6 years from its start date and will affect your credit score. However, specialist lenders like Moneybarn can help people with IVAs get car finance.
We’re experts in providing car finance to people with bad credit. Our Conditional Sale agreement means you’ll legally own the car at the end of your agreement. Our friendly experts will discuss your options and help you find a suitable monthly payment and agreement length.
Or, find out more about our car finance eligibility checks to see if we can help you.
To get car finance with an IVA, you’ll need:
- Monthly earnings over £1,000 (after tax)
- To be aged between 20 and 75
- A full valid UK driving licence
- 2 consecutive months of payslips
We can finance cars that meet our lending criteria:
- Priced between £4,000 and £35,000
- Up to 120,000 miles on the clock
- No older than 15 years by the end of the agreement
- Read more about our lending criteria
To get car finance with an IVA, you’ll need:
- Monthly earnings over £1,000 (after tax)
- To be aged between 20 and 75
- A full valid UK driving licence
- 2 consecutive months of payslips
We can finance cars that meet our lending criteria:
- Priced between £4,000 and £35,000
- Up to 120,000 miles on the clock
- No older than 15 years by the end of the agreement
- Read more about our lending criteria
If you don’t have a car in mind right now, don’t worry. We can guide you through the process of finding the right car. Get a quote in less than 5 minutes and see if we can help.
If you don’t have a car in mind right now, don’t worry. We can guide you through the process of finding the right car. Get a quote in less than 5 minutes and see if we can help.
How long after an IVA can I get car finance?
Having an IVA will affect your credit score, making it harder to get approved for car finance. It might be easier to get approved after your IVA is complete or after 6 years when it is removed from your credit report.
If you’ve entered into an IVA, you will need to get car finance approved by your insolvency practitioner. This is because you can only take credit up to £500 without their written approval.
Can I get car finance when in an IVA?
Because you need the written approval of your insolvency practitioner, you might be worried that this stops you from getting car finance when in an IVA. There are some things you could do that might improve your chances of getting approved.
The main factors your insolvency practitioner will look at are whether you can afford the car finance, and how essential it is for your day to day life.
To prove it is affordable, you could create a budget of all the costs involved in owning a car. It’s important that you don’t forget about all the costs involved, like fuel, MOTs and servicing. We’ve written a guide that shows you the types of costs when buying a car.
You could also try our car finance calculator. It will give you an idea of what your finance might look like and how much your monthly repayments might be. You could then use this to see how it might fit into your personal budget.
How long after an IVA can I get car finance?
Having an IVA will affect your credit score, making it harder to get approved for car finance. It might be easier to get approved after your IVA is complete or after 6 years when it is removed from your credit report.
If you’ve entered into an IVA, you will need to get car finance approved by your insolvency practitioner. This is because you can only take credit up to £500 without their written approval.
Can I get car finance when in an IVA?
Because you need the written approval of your insolvency practitioner, you might be worried that this stops you from getting car finance when in an IVA. There are some things you could do that might improve your chances of getting approved.
The main factors your insolvency practitioner will look at are whether you can afford the car finance, and how essential it is for your day to day life.
To prove it is affordable, you could create a budget of all the costs involved in owning a car. It’s important that you don’t forget about all the costs involved, like fuel, MOTs and servicing. We’ve written a guide that shows you the types of costs when buying a car.
You could also try our car finance calculator. It will give you an idea of what your finance might look like and how much your monthly repayments might be. You could then use this to see how it might fit into your personal budget.
Join thousands of monthly customers like Warren
Even when I’ve fallen behind on payments in the past, they have made me feel relaxed about paying it back! I love Moneybarn. They have a real personal touch to the whole process! Thank you – Warren.
Join thousands of monthly customers like Warren
Even when I’ve fallen behind on payments in the past, they have made me feel relaxed about paying it back! I love Moneybarn. They have a real personal touch to the whole process! Thank you – Warren.
How to apply for car finance with an IVA
Some car finance companies use a hard credit check when you apply for car finance. When you get a quote with us, we use a soft credit check which does not affect your credit score. A hard check is only done if you decide to enter into an agreement with us, and contracts are drawn up to sign.
If you’re currently in an IVA, we’ll need a letter from your IVA supervisor confirming that entering a new finance agreement will not put you at further risk.
We use a Conditional Sale agreement for our car finance. This means that we pay the dealership for you, and you make monthly repayments until the amount you borrowed is paid off, plus interest. Our agreements last between 36 and 60 months, and once you’ve made the final repayment, you’ll legally own the car.
How to apply for car finance with an IVA
Some car finance companies use a hard credit check when you apply for car finance. When you get a quote with us, we use a soft credit check which does not affect your credit score. A hard check is only done if you decide to enter into an agreement with us, and contracts are drawn up to sign.
If you’re currently in an IVA, we’ll need a letter from your IVA supervisor confirming that entering a new finance agreement will not put you at further risk.
We use a Conditional Sale agreement for our car finance. This means that we pay the dealership for you, and you make monthly repayments until the amount you borrowed is paid off, plus interest. Our agreements last between 36 and 60 months, and once you’ve made the final repayment, you’ll legally own the car.
Get an online quote in under 5 minutes. We use a soft check at the point of application, which won’t impact your credit score and provides an instant decision.
If you’re approved, use our Vehicle Finder to find your dream car. Our friendly experts will be on hand to help with the search, so you can get onto a better road ahead.
We’ll help you with providing any paperwork and signing your agreement. Once your agreement is finalised, we’ll pay the dealership and you can collect your new car!
Get an online quote in under 5 minutes. We use a soft check at the point of application, which won’t impact your credit score and provides an instant decision.
If you’re approved, use our Vehicle Finder to find your dream car. Our friendly experts will be on hand to help with the search, so you can get onto a better road ahead.
We’ll help you with providing any paperwork and signing your agreement. Once your agreement is finalised, we’ll pay the dealership and you can collect your new car!
Does an IVA affect your credit score?
An IVA will be recorded on your credit file which will impact your credit score. This may mean it’s difficult to get credit such as loans, a mortgage, or car finance.
This will show on your credit file for six years from the date the IVA was approved.
If you’re looking to improve your credit score while in an IVA, we’ve written a series of guides to help:
Can I get guaranteed car finance with an IVA?
If you’re in an IVA, it might seem impossible to get car finance. You may have heard of car finance companies claiming to guarantee car finance to people in an IVA. This doesn’t exist.
Think about it like this. Everyone is different. We all have different incomes, credit scores, and circumstances. There is no such thing as guaranteed car finance with an IVA, because a responsible lender looks at lots of different factors to make sure they only offer car finance to people who can afford it.
You should be wary of anyone claiming to offer this. For more information, please see our guide that explains why guaranteed car finance is a myth.
Can I keep my car on finance on an IVA?
If you are in an IVA or are about to enter into an IVA, you will usually be able to keep your car on finance. It depends on your circumstances and you will need to get permission from your insolvency practitioner. If your car is essential to commute to work then it’s very likely you’ll be able to keep the car and keep paying off the car finance agreement.
If you are a Moneybarn customer and have recently entered into an IVA, please contact us and we can discuss your options.
Does an IVA affect your credit score?
An IVA will be recorded on your credit file which will impact your credit score. This may mean it’s difficult to get credit such as loans, a mortgage, or car finance.
This will show on your credit file for six years from the date the IVA was approved.
If you’re looking to improve your credit score while in an IVA, we’ve written a series of guides to help:
Can I get guaranteed car finance with an IVA?
If you’re in an IVA, it might seem impossible to get car finance. You may have heard of car finance companies claiming to guarantee car finance to people in an IVA. This doesn’t exist.
Think about it like this. Everyone is different. We all have different incomes, credit scores, and circumstances. There is no such thing as guaranteed car finance with an IVA, because a responsible lender looks at lots of different factors to make sure they only offer car finance to people who can afford it.
You should be wary of anyone claiming to offer this. For more information, please see our guide that explains why guaranteed car finance is a myth.
Can I keep my car on finance on an IVA?
If you are in an IVA or are about to enter into an IVA, you will usually be able to keep your car on finance. It depends on your circumstances and you will need to get permission from your insolvency practitioner. If your car is essential to commute to work then it’s very likely you’ll be able to keep the car and keep paying off the car finance agreement.
If you are a Moneybarn customer and have recently entered into an IVA, please contact us and we can discuss your options.
Refused car finance
We help people who have been refused by mainstream lenders. Even if you have an IVA, we could help get the car finance you need.
Our application process
We have over 30 years of experience helping people up and down the UK get the vehicle they need. Learn more about our application process here.
How does car finance work?
Getting a new car can be a stressful time. With lots of different types of car finance available, we’ve written a guide that answers the most common questions.
For a better road ahead
Moneybarn is a member of the Finance and Leasing Association, the official trade organisation of the motor finance industry. The FLA promotes best practice in the motor finance industry for lending and leasing to consumers and businesses.
Moneybarn is the trading style of Moneybarn No. 1 Limited, a company registered in England and Wales with company number 04496573, and Moneybarn Limited, a company registered in England and Wales with company number 02766324. The registered address for these companies is: Athena House, Bedford Road, Petersfield, Hampshire, GU32 3LJ.
Moneybarn’s VAT registration number is 180 5559 52.
Moneybarn Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702781)
Moneybarn No. 1 Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702780)
